以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者： MD 出品：明亮公司 ！ 美国支持稳定币和加密货币的 "天才法案"通过后，美国资本市场的加密货币"金库公司"再次成为 投 资 者 关 注 的 焦 点 ， 而 在 这 样 的 背 景 下 包 括 Micro Strate g y （ 下 称 Strategy ， MSTR.US ） 、 Bitmine （ BMMR.US ）等公司 也在过去一段宣布新的融资等动作。 Strategy在7月2 5 日宣布， 发行 约 2 5 亿美元的可变利率 A系列永续 延伸 优先股（ STRC） 。 每 股定价为 90美元。初始股息率为每年9.00%，公司有权每月调整股息率。此次发行包括28,011,111 股，每股票面金额为100美元 。公司称，发行募集资金主要用来购买比特币及公司一般用途。 据彭博援引知情人士信息， 该优先股 9%的回报率以及无具体到期日，"这在优先股发行中非常罕 见"。 目前， Strategy持有607700枚比特币，平均收购成本约71756美元，截至发稿，比特币价格约 11.9万美元—— ...

Group 1 - Cryptocurrency concept stocks experienced a collective decline, with Coinbase dropping over 16% [1] - Riot Platforms saw a significant drop of more than 18% [1] - Other companies such as Circle and Robinhood also faced declines, each falling over 8% [1]

Group 1 - Bitcoin has experienced a decline for five consecutive trading days after a record-breaking July, with a drop of over 2% and reaching a three-week low [1] - Ethereum has also seen a decline of over 4%, and the overall cryptocurrency market is experiencing a correction after surpassing a total market capitalization of $4 trillion in July [1] - The historic price surge was primarily driven by unprecedented ETF inflows, with $5.4 billion net inflow into Ethereum ETFs and $6 billion into Bitcoin ETFs in July, marking the third-best monthly performance [1] Group 2 - Market sentiment is shifting as speculative funds are withdrawing, with institutional investors becoming increasingly cautious, reflected in the negative shift of the Coinbase premium index [3] - Open interest in Bitcoin and Ethereum futures on CME has decreased by 13% and 21% respectively from July highs, indicating a cooling market demand [3] - Coinbase's second-quarter revenue fell short of expectations due to decreased volatility in the digital asset market, leading to a drop in its stock price [6] Group 3 - The cryptocurrency options market is showing signs of caution, with the Bitcoin 30-day skew index shifting from +3% to -1.5%, indicating strong demand for downside risk hedging [6] - A significant profit-taking wave of $6-8 billion occurred in late July, suggesting that institutional investors are reducing risk exposure ahead of anticipated market volatility in Q3 [7] - Approximately $10 billion worth of Bitcoin was sold off through over-the-counter transactions on July 15, causing a temporary price drop of 4%, while miners reduced their holdings by about 15,000 Bitcoins after reaching historical highs [7]

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Group 1 - The core idea revolves around Sun Yuchen's strategic move to take his blockchain platform Tron public on NASDAQ through a reverse merger, leveraging the current popularity of stablecoins and cryptocurrencies [1][2][5] - The company he targeted for the reverse merger is SRM Entertainment, which had a revenue of only $4.31 million and a loss of $4.33 million last year, but saw its stock price surge by 647% in one day following the announcement [2][5] - The transaction involves SRM receiving a $100 million equity investment to support Tron’s financial management plan, and after the deal, SRM will be renamed "Tron Inc." with Sun Yuchen becoming an advisor [2][5] Group 2 - The operation is backed by Dominari Securities, which has connections to the Trump family, raising questions about the influence of political relationships in this business maneuver [4][5] - Sun Yuchen has previously invested $75 million in a cryptocurrency project associated with the Trump family and has been recognized as a significant figure in the crypto space by Eric Trump [5][6] - The SEC had previously filed a lawsuit against Sun Yuchen for selling unregistered securities, but the lawsuit was paused, allowing this operation to proceed [5][6] Group 3 - Sun Yuchen is known for his marketing prowess, having gained fame through high-profile publicity stunts, such as purchasing a lunch with Warren Buffett for $4.568 million and buying a banana artwork for $6.24 million [6][9] - He is set to become the youngest Chinese space traveler at 35, having purchased a ticket for a Blue Origin flight, which he frames as part of a larger narrative connecting cryptocurrency and space exploration [11][12] - Tron has become a significant player in the crypto market, with over 313 million global users and locked assets exceeding $20 billion, making it the second-largest blockchain after Ethereum [15][16]

Core Viewpoint - The article discusses the impact of Tether (USDt), the largest stablecoin, on the US dollar system, suggesting that while it creates new demand for US Treasury bonds, it may only delay the inevitable decline of the dollar rather than save it [1][15]. Group 1: Tether's Financial Performance - Tether is highlighted as potentially the most profitable company in business history, generating $13.7 billion in profit last year with only 165 employees, resulting in over $83 million in profit per employee [2][5]. - The company's unique business model provides instant, global access to digital dollars for anyone with a smartphone, contributing to its success [5]. Group 2: User Growth and Market Impact - Tether claims to have over 400 million users, adding 30 million each quarter, with significant popularity in emerging markets like Argentina, Venezuela, and Turkey, where local currencies are depreciating [8][9]. - The article compares Tether to a retail version of the offshore dollar, noting that while the European dollar market is significantly larger, Tether is rapidly growing and providing similar functions for retail and small institutional investors [8][9]. Group 3: Support for US Treasury Market - Tether has become the seventh-largest holder of US Treasury bonds, surpassing entire countries like Canada and Switzerland, by investing its reserves in short-term US debt [10]. - The company has established a partnership with Cantor Fitzgerald to manage large-scale redemptions, ensuring liquidity and stability during high withdrawal demands [11][12]. Group 4: Limitations and Future Outlook - Despite Tether's contributions to the demand for US Treasury bonds, the article warns that this support is limited compared to the US government's annual debt needs of nearly $9 trillion [14]. - The author concludes that while Tether may provide temporary stability for the dollar, it does not alter the long-term trajectory of the dollar's decline due to unsustainable government spending [15].

【文/观察者网 陶立烽】 今天（8月1日），全球第一个针对法币稳定币的全面监管框架——香港《稳定币条例》正式实施，相关 机构可以开始申请牌照。 就在不久前，美国总统特朗普也签署了三个加密货币法案。相比于美国，香港的稳定币法案更加简洁明 了，也更加严厉：2500万港元准入门槛、100%资产抵押、1日内赎回保障。 一位从事10年稳定币相关业务的行业人士邵星认为，未来稳定币发行后，需要寻找渠道和流量平台来承 接，要有大量的应用场景来落地。邵星也预计，之后五年左右，以合规稳定币为基础的点对点支付方式 逐渐代替SWIFT（国际资金清算系统），整个金融体系会发生重大变化。 稳定币是什么？ 到今年6月下旬，加密资产的总市值已经超过3万亿美元，超过法国去年GDP，其中稳定币的规模达到 2600亿美元左右，较2020年增长超40倍。 稳定币自2014年诞生，最初并未受到广泛关注。当时加密货币市场尚处于早期阶段，用户仍可用传统货 币直接买卖加密资产，稳定币作为中间介质的需求有限。随着越来越多国家对法币与加密货币之间的兑 换实施限制或禁令，稳定币逐渐成为加密资产市场内部交易的重要媒介，并在全球范围内流行起来。 而这一轮的热潮开始于 ...

Group 1: Regulatory Framework - Hong Kong's "Stablecoin Ordinance" officially implemented on August 1, allowing institutions to apply for licenses [1] - The ordinance requires a minimum capital of 25 million HKD and mandates 100% asset backing for stablecoins [1][10] - Issuers must ensure that stablecoins are redeemable at face value within one working day, addressing investor protection concerns [10] Group 2: Market Dynamics - As of June 2023, the total market capitalization of cryptocurrencies exceeded 3 trillion USD, with stablecoins reaching approximately 260 billion USD, a growth of over 40 times since 2020 [2] - Stablecoins have become essential for internal transactions in the cryptocurrency market due to restrictions on fiat and crypto exchanges [2] - The demand for stablecoins is expected to grow significantly, particularly in cross-border payments and gaming sectors [5][19] Group 3: Technological and Operational Aspects - Stablecoins are built on public blockchain technology, with Ethereum and TRON being the most prominent platforms [3] - Financial institutions like JPMorgan and major credit card companies have already integrated stablecoin solutions into their operations [3] Group 4: Future Outlook - Industry expert predicts that within five years, compliant stablecoins will gradually replace SWIFT for peer-to-peer payments, leading to significant changes in the financial system [19] - The development of stablecoins is seen as a strategy to bolster the dominance of the US dollar in the global economy [17][18]

Group 1 - The SEC has launched a "crypto project" aimed at modernizing securities regulations to adapt to cryptocurrency-based trading models [1] - SEC Chairman Paul Atkins emphasized the need to evaluate the potential benefits and drawbacks of transitioning from off-chain to on-chain environments [1] - The concept of "tokenization" is gaining interest, which involves issuing digital certificates on blockchain networks that represent publicly traded securities or real assets [1] Group 2 - Crypto trading platforms like Robinhood, Gemini, and Kraken have opened tokenized stock services to non-U.S. users, while Coinbase is seeking SEC approval to offer similar services in the U.S. [2] - Atkins highlighted the importance of "super apps," which integrate multiple services into one mobile application, and called for efficient licensing structures to avoid overlapping regulations [3] - The U.S. government’s digital asset market working group released a report proposing frameworks to enhance the U.S.'s dominance in the digital asset market, which Atkins has directed the SEC's crypto task force to implement [3]

Core Viewpoint - The chairman of the U.S. Securities and Exchange Commission (SEC), Atkins, stated that most cryptocurrency assets are not classified as securities [1] Group 1 - The SEC is requesting tailored information disclosure recommendations from its staff [1] - There is a pursuit for a framework to differentiate between non-security cryptocurrencies and cryptocurrency securities [1] - The need for categorizing and regulating cryptocurrencies is emphasized [1]